Massachusetts-based Celldex Therapeutics is paying $94.5 million to acquire CuraGen. Celldex gains CuraGen's portfolio of 11 oncology-focused antibodies. Its most advanced therapy is CR011, which is currently in Phase II studies for breast cancer and unresectable stage III and IV melanoma. Curagen also brings a cash balance of at least $54.5 million to the table, which Celldex says will allow the company to advance its clinical development programs into 2012.
"Celldex's expertise in developing novel antibody-based therapeutics will enable us to seamlessly integrate CuraGen's antibody programs into our Precision Targeted Immunotherapy Platform and selectively identify and advance the candidates we believe hold the most therapeutic promise," said Thomas Davis, M.D., Chief Medical Officer of Celldex. CuraGen CEO Dr. Timothy Shannon will join the Celldex board.